It is probably fair to say that a significant number of firms do not fully comply
with the regulations as the Money Laundering Reporting Officer (MLRO) does not have
the systems in place to highlight areas of non-compliance. In any firm with more
than a couple of staff and more than a handful of clients, it is extremely difficult,
if not impossible, to monitor compliance solely using paper-based records. One popular
strategy to AML compliance is just to perform an ID check (manual or electronic)
on client personnel but this alone is not sufficient to comply. IRIS Anti Money
Laundering software deals with the whole raft of UK AML compliance including, but
not limited to, inbuilt electronic ID checks if required.